Return to Student Loan Repayment and Adjusting to Change
Article
12 Aug ’24
CFI in Focus – After three and a half years of paused payments on federal student loans, payments restarted in October 2023. Many borrowers experienced significant adjustments to their required debt payments, not only because of the payments resumption but also because of changes to repayment plans and the strained servicing environment.
This CFI in Focus considers the effects of the payments resumption and accompanying administrative changes on household financial health and balance sheets through the lens of Consumer Finance Institute consumer surveys. We highlight several findings from a four-report series on the student loan payments resumption that we published in early 2024 and that considered borrowers’ expectations and experiences resuming payments and navigating new repayment options.
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